Corebridge Financial Inc. Sells 3,457 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Corebridge Financial Inc. reduced its stake in Otis Worldwide Corporation by 3.7% during Q1, now holding 91,125 shares valued at $9.4 million.
• Analysts have set a consensus rating of "Hold" for Otis Worldwide, with an average price target of $102.50, influenced by various recent research reports.
• Otis Worldwide recently declared a quarterly dividend of $0.42, reflecting an annualized yield of 1.9% and a payout ratio of 44.44%.

Corebridge Financial Inc. lessened its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 3.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,125 shares of the company's stock after selling 3,457 shares during the period. Corebridge Financial Inc.'s holdings in Otis Worldwide were worth $9,404,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of OTIS. NBC Securities Inc. bought a new position in Otis Worldwide in the 1st quarter worth approximately $25,000. Wayfinding Financial LLC bought a new position in Otis Worldwide in the 1st quarter worth approximately $31,000. Cheviot Value Management LLC bought a new stake in shares of Otis Worldwide during the 1st quarter valued at $31,000. Orion Capital Management LLC bought a new stake in shares of Otis Worldwide during the 4th quarter valued at $35,000. Finally, Kapitalo Investimentos Ltda bought a new stake in shares of Otis Worldwide during the 4th quarter valued at $39,000. Institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

OTIS has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 target price for the company. Royal Bank Of Canada dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, July 28th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research report on Thursday, July 24th. Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. Finally, Morgan Stanley upped their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $102.50.

Otis Worldwide Stock Up 0.1%

Shares of OTIS stock opened at $87.73 on Thursday. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The firm has a market capitalization of $34.43 billion, a price-to-earnings ratio of 23.21, a price-to-earnings-growth ratio of 4.22 and a beta of 0.95. The firm has a fifty day moving average of $92.92 and a 200-day moving average of $96.13.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the previous year, the business earned $1.06 EPS. The firm's revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide's payout ratio is 44.44%.

Otis Worldwide Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.

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